30) Corporations may be either for-profit or non-profit. a) True b) False 31) Which of the following is not an advantage of a corporation? a) separate legal existence b) limited liability of stockholders c) transferable ownership d) a limited life e) ability to acquire capital 32) A corporation must pay federal and state income taxes, and its stockholders must also pay individual taxes on any cash dividends distributed to them. a) True 32) Which b) False 33) Which of the following is the correct way to record the issuance of 2,000 shares of the $1 par value common stock for cash at $4 per share in the T accounts? a) Cash Common Stock 8,000 8,000 b) Cash Common Stock 8,000 2,000 Additional Paid-In Capital 6,000